CAJ | 학술논문

企业债券发行制度由严格审批制改为核准制已得到了理论界和实务界的共识，在核准制下企业债券发债规模是由企业本身的财务状况和融资需求确定的。文章从影响企业债券信用风险的偿债意愿和偿债能力两个因素的分析出发，通过整合信用风险度量中的静态和动态两个方面的模型构建算法，对2007年我国适合发行债券的上市公司的发债规模进行了测算，为核准制下的发债规模审定提供参考。
기업채권발행제도유엄격심비제개위핵준제이득도료이론계화실무계적공식，재핵준제하기업채권발채규모시유기업본신적재무상황화융자수구학정적。문장종영향기업채권신용풍험적상채의원화상채능력량개인소적분석출발，통과정합신용풍험도량중적정태화동태량개방면적모형구건산법，대2007년아국괄합발행채권적상시공사적발채규모진행료측산，위핵준제하적발채규모심정제공삼고。
Both theoretical and practical sides have achieved a consensus that the system of corporate bonds issuance will be changed from Licensing system to Approval system, Under the Approval system, the scale of issuing corporate bonds is determined by corporate financial status and demands for financing. The paper proceeds from the analysis of repayment willingness and repayment power, which determine the credit risk of corporate bonds, and construct the arithmetic by combining static and dynamic model of credit risk survey. To provide a reference for scale approval of issuing corporate bonds, the paper forecasts the scale of corporate bonds which will be issued by qualified listed companies in 2007.